Fantastic Advice for Angel Investors

I had the good fortune of participating in the first (hopefully of many) AngelConf today. AngleConf was the brainchild of Paul Graham of YCombinator fame (although, you never know, it may well have been the brainchild of Jessica Livingston, so my apologies if that's the case Jessica). Not only is Paul a prolific angel investor, but he is also a thought leader and a mentor by nature. His AngelConf was an attempt to share the collective wisdom of the angel investor community with would-be angel investors.

AngelConf was part training session, part confessional, part group therapy. Virtually all the speakers were in agreement that angel investing is not for the faint of heart. As one investor after the next stated, you have to be prepared to lose all your money. If losing your money is going to keep you up at night, perhaps angel investing isn't the thing for you to do. That said, there were plenty in the speakers lineup who have every intention of making money. Folks like Jeff Clavier and Mike Maples are investing other people's money. For them, the goal is assuredly to make money. For many of the others it was a fantastic mix of geeky pleasure at building great things, the need to stay engaged in the tech world, a desire to give back to the entrepreneurial community, etc. While for most of the speakers angel investing is essentially a full time job (even if they have another full time job), everyone in the room seemed to be there for the love of the game.

What was some of the most interesting advice imparted? Here are a few thoughts from the speakers:

* It's a small community -- if you screw one entrepreneur, you'll be out of the angel business because entrepreneurs talk (Conway)

* Angel investing is about learning on the job, which means that you can plan on screwing up your first 10 deals at least (McClure)

* If you assume that the money is gone once you've invested it -- that it is like a lottery ticket -- then you will have a better time angel investing (Buchheit)

* Work with other angel investors so that you can get the advantage of their expertise (Zurich)

* There is no rational way to arrive at valuation, so don't be overly concerned about getting it right (Graham)

* Don't worry if the idea seems crazy -- if it didn't seem crazy, it would be too late to invest as an angel (Graham)

* The lifeblood of angel investors is deal flow -- you need huge deal flow to find enough stuff that is worth investing in (Ravikant)

* The best deals come from other angels (Ravikant)

* Don't be afraid to throw a little dynamite into the status quo and see what comes out of it -- often times interesting stuff emerges (and sometimes nothing does) (Dearing)

* The Rule of 12 -- you need to invest in 12 companies to have statistical diversity -- invest in fewer than 12 deals and you run the risk of them all failing (Maples)

* Like in the movie "Oceans 11," you want to pull together the best team of angel specialists there are out there -- it increases the likelihood that the company will succeed (Maples)

* Help bring your entrepreneurs together so that they can learn from one another (Poler)

* By being a connector, you will see the most interesting stuff and work with the most interesting people (Senkut)

* Angel investing is all about the syndicate -- you can lead if you want to but it can be lonely until others join in the syndicate (Clavier)

* Angel investors need to distinguish themselves from others with money -- what do you bring to the table? Contacts. Experience. Advice. (Young)

* Only invest in stuff you actually know something about -- otherwise you're just buying a lottery ticket (Young)

All in all, a pretty jam packed few hours. The energy in the room was great. It felt very much like being in a room full of entrepreneurs. Because, in the end, like entrepreneurs, angel investors are company builders. They love technology. They love company creation. And, like me, they thrive on the fun and excitement of the startup world.

I hope that Paul will have another AngelConf some time in the future. It was a fantastic way to spend the afternoon.

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Haha.. This is article and has enough data for several mind-blowing tweets on Twitter and it is indeed very inspirational for a wanna-be angel investor. David, you have done a wonderful job summarising all key points so precisely. My favourite is from Buchheit - "If you assume that the money is gone once you've invested it -- that it is like a lottery ticket -- then you will have a better time angel investing". It is harsh, but this is the true reality of angel investing. I've seen angel investors getting all huffed up about pennies and in general those deals go nowhere.
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When he told me about his illness a few weeks ago I was stunned, and struggled unsuccessfully to hold back the tears. I'm struggling to hold them back now as I write this, but I know he wouldn’t want any of that sadness. In his last email to me he insisted upon talking about something else, even though he evidently didn’t really have the energy to talk at all.

I received an email today from ExecSense Webinars advertising a course on "How to Create a Personal Brand as a Venture Capitalist." That's right, for $250, I can learn "specific ways to use speaking engagements, published articles and social media web sites as a way to establish [myself] as a thought leader." Who knew it was so easy?

AngelConf was part training session, part confessional, part group therapy. Virtually all the speakers were in agreement that angel investing is not for the faint of heart. As one investor after the next stated, you have to be prepared to lose all your money. If losing your money is going to keep you up at night, perhaps angel investing isn't the thing for you to do. That said, there were plenty in the speakers lineup who have every intention of making money. Folks like Jeff Clavier and Mike Maples are investing other people's money.

None of this is to suggest that you VCs out there should go make a dance video with your portfolio companies. Nor will I be convincing a small town in the Pacific Northwest to change its name to "August Capital, Oregon" any time soon. But it is worth thinking about how we as VCs are perceived by the entrepreneurial community and how we might better connect with those folks. The Venture business is a people business and VC marketing is all about the people. So there is no more powerful way to build a brand than to garner a well-earned reputation as a supportive, thoughtful, helpful participant in the company-building ecosystem. No number of clever videos or slogans, or even speeches on the rubber chicken circuit, can replace the power of entrepreneurs singing your praises. So forget the webinar and focus on what matters -- bringing real value to the people around you. That's what Venture Capital brand building is all about.

03/12/2010 in VCs Around The Web | Permalink

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Folks like Jeff Clavier and Mike Maples are investing other people's money. For them, the goal is assuredly to make money. For many of the others it was a fantastic mix of geeky pleasure at building great things, the need to stay engaged in the tech world, a desire to give back to the entrepreneurial community, etc. While for most of the speakers angel investing is essentially a full time job (even if they have another full time job), everyone in the room seemed to be there for the love of the game.

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